Video 1:30
ABC Business

ABC Business
Fri 7 Dec 2012, 5:11 PM AEDT

ABC Business

Transcript

THE SHARE MARKET HAS ENJOYED A STRONG END TO THE WEEK AS BANK AND HEALTH CARE STOCKS LED A RALLY. BY THE CLOSE THE ALL ORDS ADDED POINT-NINE PER CENT AS DID THE ASX 200. SPOT GOLD PRICE ARE IN ASIAN TRADE AND WEST TEXAS CRUDE OIL SLIPPED IN OVERNIGHT TRADE. THE AUSTRALIAN DOLLAR HIT 105 US CENTS OVERNIGHT - BEFORE SLIPPING BACK TO 104 POINT US CENTS.

AUSTRALIAN BUSINESSES HAVE BEEN MAKING THE MOST OF THE STRONG AUSTRALIAN DOLLAR TO BUY CHEAPER OVERSEAS GOODS, WITH IMPORTS RISING BY THREE PER CENT IN SEASONALLY-ADJUSTED TERMS IN OCTOBER. BUREAU OF STATISTICS FIGURES SHOW THE TRADE DEFICIT WIDENED TO 2-POINT-0-9 BILLION DOLLARS IN OCTOBER FROM 1-POINT-4-2 BILLION IN SEPTEMBER. EXPORTS WERE FLAT OVERALL, BUT RURAL EXPORTS RECORDED THEIR BEST INCREASE IN FOUR MONTHS.

THE DEPARTMENT STORE MYER HAS BLAMED THE COST OF DOING BUSINESS IN AUSTRALIA FOR ITS POOR PERFORMANCE. AT THE COMPANY'S ANNUAL GENERAL MEETING, POOR ECONOMIC CONDITIONS, THE INTRODUCTION OF THE CARBON TAX AND A LOOPHOLE ON THE G-S-T ON GOODS BOUGHT OVERSEAS WERE BLAMED FOR PUTTING PRESSURE ON PROFITS.

SHARES IN MYER ENDED LOWER, RIVAL DAVID JONES ADDED ONE PER CENT, BANK OF QLD WAS THE BEST OF THE FINANCIALS ADDING THREE AND TELSTRA'S ADDED A CENT.